Latest news with #JunaidAkbar
Business Recorder
an hour ago
- Business
- Business Recorder
Sugar price hike: PAC unhappy with FBR, ministry's briefings
ISLAMABAD: The Public Accounts Committee (PAC) on Wednesday expressed dissatisfaction with briefings from both the Federal Board of Revenue (FBR) and the Ministry of Food Security regarding the recent surge in sugar prices. The committee has now demanded detailed information on the government's decision to import sugar. The committee under the chairmanship of Junaid Akbar received a briefing on the ongoing sugar crisis. During the session, PAC members grilled officials, scrutinising the issues surrounding the availability and pricing of sugar. Sugar price hike: NA panel to identify 'beneficiaries' According to FBR officials, the retail price of sugar in all four provinces is currently Rs 183 per kg. A summary for importing 500,000 tons was sent; 300,000 tons will be imported now, officials stated. Rashid Langrial, FBR chairman said that the matters of food import or export are handled by the Food Ministry. He explained that the cabinet made the decision; the FBR is bound by the decision. He further said that they are directed to abolish the 20 percent customs duty on imports. Sales tax was reduced from 18 to 0.25 percent. The advance tax which is 5.5 percent has been set to 0.25 percent, he added. Copyright Business Recorder, 2025
Express Tribune
a day ago
- Business
- Express Tribune
PAC seeks remedy for post-200 unit billing
Junaid Akbar was elected unopposed as Chairman of the Public Accounts Committee in January 2025. Photo: Express/ File The Public Accounts Committee (PAC) on Tuesday took notice of the electricity tariff slab hike that penalises consumers for exceeding 200 units, directing the Power Division to propose a solution for inflated bills that persist for six months even after a single unit crosses the limit. The committee meeting, chaired by MNA Junaid Akbar Khan, reviewed audit paras related to the Ministry of Energy. Expressing concern, the chair demanded an explanation for the prolonged penalty on consumers who exceed the 200-unit threshold once. Officials briefed the committee on the status of Independent Power Producers (IPPs), revealing a sharp rise in installed capacity over the years. Committee member Shazia Marri questioned why provinces like Sindh and Khyber-Pakhtunkhwa continue to endure up to 16 hours of load-shedding despite a surplus in electricity generation. The power secretary informed the committee that 58% of electricity users fall under the 200-unit slab, with subsidised rates now benefiting 18 million consumersup from 11 million previously. He acknowledged the issue of high bills lasting months for consumers who breach the limit once. "To increase the slab limit, a higher subsidy will be needed," he said, adding that the government aims to reform the system by 2027, shifting to direct subsidies using BISP data. The Energy Ministry also noted that the installed capacity of IPPs rose from 9,765MW in 2015 to 25,642MW in 2024, with annual capacity payments jumping from Rs141 billion to Rs1.4 trillion. Committee member Syed Naveed Qamar disputed the Power Division's claim that coal was the main driver of high electricity costs. Meanwhile, Junaid Akbar raised doubts over reports of 200% electricity generation from bagasse, calling the numbers unrealistic.
Express Tribune
08-07-2025
- Business
- Express Tribune
PAC unearths Rs1.2b bank loan scandal
An audit report presented to the Public Accounts Committee (PAC) has revealed that Zarai Taraqiati Bank Limited (ZTBL) employees caused a loss of Rs1.2 billion to the national treasury through a fraud involving forged documents. Audit officials on Tuesday told a meeting of the PACheld under the chairmanship of Junaid Akbar on Tuesdaythat in several cases, loans sanctioned for farmers never reached them as ZTBL employees misappropriated these loans. Appearing before the committee, ZTBL president stated that the bank dismissed 400 employees found involved in altering loan documents. "We have placed personal contact numbers and awareness boards in every branch. We have recovered Rs270 million so far, and recovery efforts are ongoing," he said. The committee asked the president to address the issue in coordination with the audit department. It was also revealed that the ZTBL had failed to recover Rs9 billion in loans with 1,601 borrowers not returning even a single rupee. Audit officials said only 16% of recoverable amounts were collected from borrowers in Quetta, Karachi, and Lahore. They also noted a growing number of loan defaulters across the country. MNA Khawaja Sheraz asked why is the ZTBL constantly sinking when the banking sector is profitable. The ZTBL is a state-owned agricultural development bank that provides agricultural credit and banking services to farmers across the country. It remains the largest public sector agriculture development financial institution in the country. The PAC also took suo motu notice on Jamshed Dasti's request regarding a loss of 1.1 million litres of petrol at the Pakistan State Oil (PSO) due to employee negligence. The PSO managing director (MD) told the committee that the estimated value of the lost petrol is Rs180 million. "We recovered Rs40 million from the responsible employees after dismissing them," he said.
Express Tribune
02-07-2025
- Politics
- Express Tribune
PAC blows whistle on Rs40b Kohistan scam
The Public Accounts Committee (PAC) on Wednesday held a detailed discussion on the alleged Rs40 billion scam in Kohistan, expressing serious concerns over financial irregularities and a lack of departmental cooperation. Chairing a meeting after a month-long break, PAC Chairman Junaid Akbar said that when the committee raises audit objections, the department concerned fails to cooperate effectively. In May, the Khyber-Pakhtunkhwa government launched an investigation into the mega corruption scandal in Kohistan district, where an estimated Rs40 billion had allegedly been siphoned off from the provincial treasury. The account was meant for retention money by contractors for schemes of four departments including communication and works, local government, irrigation and public health engineering departments. The scandal came under intense scrutiny during a meeting of the PAC, chaired by K-P Assembly Speaker Babar Saleem Swati. Officials from the finance department and the Accountant General's office admitted during the session that billions had been misappropriated from government funds. While an official embezzlement figure of Rs24 billion had been confirmed, the PAC members expressed dissatisfaction with the explanations provided by finance secretary and the accountant general. On Wednesday, the audit officials revealed that there had been a misuse of cheque book, with fraud committed by three individuals who have now been arrested. The National Accountability Bureau (NAB) is currently investigating the matter. The auditor general disclosed that despite sending three letters to the finance department, no disciplinary action had been taken against any of their officials. The committee demanded complete details of the case and directed that all relevant records be submitted.
Business Recorder
30-05-2025
- Business
- Business Recorder
2 Sindh-based DISCOs' working irks PD
ISLAMABAD: The Power Division has expressed displeasure at the performance of two Sindh-based power Distribution Companies (DISCOs) — SEPCO (Sukkur Electric Supply Company) and HESCO (Hyderabad Electric Supply Company). Responding to questions during a meeting of National Assembly Standing Committee on Power, presided over by Muhammad Idrees, Federal Minister for Power, Awais Leghari stated that the performance of SEPCO and HESCO is disappointing. Power Division is using all its influence to change the incumbent Boards of both Discos but did not succeed due to political interference by the Peoples Party. Acting CEO HESCO, who is a Charted Accountant continues to occupy the office contrary to the wishes of Power Division. Poor performance of 3 Discos earns PD's ire 'The level of losses is decreasing in other DISCOs, but in these two Companies, the loss rate is increasing,' said the Minister. In the last meeting of Standing Committee, acting CEO HESCO had challenged the claims of both the Minister and Ministry's officials about losses in HESCO. During the committee proceedings, Rana Muhammad Hayat enquired if electricity tariffs will be reduced further in the upcoming fiscal year? Nepra Chairman Waseem Mukhtar replied that as of now, the electricity rates are expected to remain the same. Rana Hayat noted that 30 per cent tariff relief has been given to industry and asked why agriculture has not been given any concessions? Secretary Power Division, Dr. Fakhray Alam Irfan stated that the relief to the industrial sector was made possible by ending cross-subsidy. PAC Chairman Junaid Akbar, who is also member of Power Committee stated that four months ago he had offered to personally remove illegal connections (Kundas), adding that they cooperated and yet the line losses are not decreasing. 'Because line losses aren't reducing, consumers are without electricity for up to eight hours. The work isn't done, yet elected representatives are blamed,' Akbar maintained. Answering Junaid Akbar, Chief Executive PESCO stated that due to cooperation there has been significant improvement, and more is expected in the next month, adding that the power utility company provides relief on annual basis instead of monthly. He, however, was directed by the Minister for Power to extend relief in load shedding to the consumers on monthly basis. The committee was informed that for vulnerable consumers, the price has been reduced by 48 to 50 percent. The number of such consumers is 17 million. Power Division has sought an increase in the subsidy of Rs. 294 billion for protected consumers. The burden of consumers' subsidies for the poor falls on the middle class. The new base electricity tariff will be implemented from July 1, 2025. The impact of the July re-basing will be reflected in the August electricity bills. Copyright Business Recorder, 2025
